A time may come when you are in the position to rent out your home. Becoming a landlord on a short-term or long-term basis can give you monetary benefits as well as the knowledge that you are providing a place for other people to live. Yet before you let one tenant stay underneath your roof, you need to have the right renters insurance.
Renters insurance protects your home from damages caused by the tenant. It does not cover your tenant’s belongings, as they will need to get their own renter’s policy to cover their items. Depending on how you plan to rent out your home will be a factor on what type of policy is appropriate.
Short-Term Rental or Endorsement: When you only plan to rent your home out on a weekend or for a few weeks, you can get a short-term rental or endorsement on your existing homeowners insurance policy.
Business Policy: You’ll need a business policy if you plan to rent out your home to guests for short periods of time but on a normal basis. Your dwelling is considered a business in this regard, much like a bed-and -breakfast establishment.
Rental Dwelling Policy: Rental dwelling policies are for people who plan to rent out their home for longer periods of time. It also applies to rented vacation properties and investment properties.
Keep your home and possessions protected from damage and loss when you rent it out to tenants. For more information about renters insurance in the McKinney, Texas area, please contact Gant Insurance Agency at 972-529-9300.